FCA reopens Halifax multi-million-pound fraud investigation
The Financial Conduct Authority (FCA) will reopen its investigation into the misconduct of the Reading-based impaired assets team of HBOS.
This resumes an investigation that was placed on hold in 2013 at the request of Thames Valley Police pending the outcome of the Thames Valley police investigation into Halifax Bank of Scotland (HBOS) and any resulting prosecutions.
The police recently published the outcome of its six-year investigation into the multi-million-pound corruption and fraud case involving HBOS’s employees and private business advisors.
In January, six people were found guilty of corruption, fraudulent trading and money-laundering offences, and have been jailed for a total of 47 years.
The police said the convictions are the result of one of the largest fraud investigation of its kind in the UK.
The FCA’s investigation is focusing on the extent and nature of the knowledge of these matters within HBOS and its communications with the Financial Services Authority after the initial discovery of the misconduct.